Contract analysis

I. Purpose and Background This memorandum sets forth the proposed staffing plan and preliminary budget estimate for the firm's engagement by Thalassa Shipping & Logistics Société Anonyme ("TSL") and its wholly-owned Delaware subsidiary, Thalassa Americas Inc. ("TAI"), pursuant to the engagement letter dated October 25, 2022. The memorandum is prepared for internal planning purposes only and is not intended for distri

II. Engagement Team — Personnel and Roles A. Core Team The following five attorneys are proposed as the core engagement team. This team size is appropriate for the dual-track nature of the engagement and the complexity of the multi-party negotiations involved. Each team member's role, billing rate, and estimated weekly time commitment are set forth below.

1. Nathaniel Bower — Responsible Partner, Bankruptcy & Restructuring Nathaniel Bower will serve as the Responsible Partner on the matter and will have overall supervisory authority over all four workstreams. His role will include the following: • Overall matter supervision and strategic direction; • Lead client relationship management, including direct communications with Georgios Andreadis (CEO, TSL), Dimitrios Kost

2. Colette Whitman — Billing Partner, Bankruptcy & Restructuring Colette Whitman will serve as the Billing Partner on the matter and will be responsible for overall billing oversight, budget monitoring, and staffing management. Her role will include the following: • Billing partner oversight, including review and approval of monthly invoices; • Budget monitoring and periodic reporting to the Responsible Partner on bu

3. Amy Chesterton — Lead Associate, Bankruptcy & Restructuring Amy Chesterton will serve as the Lead Associate and will bear primary responsibility for day-to-day matter management. Amy is a seventh-year senior associate with substantial experience in restructuring matters, including her recent role as lead associate on the Clearwater Resources restructuring and the Magellan Container Lines Chapter 11 case. Her role

4. Nathan Ikeda — Working Associate, Bankruptcy & Restructuring Nathan Ikeda will serve as the Working Associate and will provide research, drafting, and analytical support across all four workstreams. Nathan is a fourth-year associate who has demonstrated strong research and drafting skills, including his contributions to the Meridian Energy Partners prepackaged Chapter 11 matter. His role will include the following

5. Sylvia Hartwell — Specialist Partner, Tax Sylvia Hartwell will serve as the lead tax advisor on the engagement and will provide tax advisory services across the engagement pursuant to a supplemental engagement letter that is expected to be executed on or about November 5, 2022. Her role will include the following: • Cancellation-of-debt income analysis under §108 of the Internal Revenue Code; • Cross-border tax im

III. Workstream Breakdown and Preliminary Budget Estimates Overview of Budget Methodology The preliminary budget set forth below is estimated based on anticipated hourly commitments over a projected eight- to nine-month engagement period, commencing in late October 2022 and extending through approximately July 2023. This timeframe assumes the matter reaches either an out-of-court closing or a Chapter 11 filing within

IV. Consolidated Budget Summary Scenario A: Out-of-Court RSA Successfully Executed (No Chapter 11 Filing) The following table consolidates the estimated fees across all four workstreams for the out-of-court restructuring scenario, plus estimated disbursements: The midpoint estimate for Scenario A is approximately $2,050,000 in combined professional fees and disbursements. Actual billing may vary significantly from th

V. Phased Timeline and Milestones The following phased timeline sets forth the anticipated sequence of work, key milestones, and estimated fee allocation by phase. This timeline is subject to adjustment based on the actual pace of negotiations and developments in the matter. Phase 1: Initial Assessment and Chapter 11 Preparation (October – December 2022) Weeks 1–2 (Late October 2022): • Engagement opening, including

VI. Coordination with Other Professionals The restructuring of TSL and TAI involves a number of other professional advisors whose work will need to be coordinated with our own. The following provides a summary of each advisor, their role, and the nature of the coordination required. Kensington Veltrian Partners LLC James Calloway, Managing Director 300 Park Avenue, 12th Floor, New York, NY 10022 Role: Financial advis

VII. Risk Factors and Budget Contingencies The preliminary budget set forth in this memorandum is subject to a number of material risk factors that could cause actual fees to deviate significantly from the estimates. The following risk factors have been identified and should be taken into account when evaluating the budget: Forbearance Termination Risk. The existing Forbearance Agreement expires on January 8, 2023. I

VIII. Recommended Next Steps In order to ensure a smooth ramp-up of the engagement and timely commencement of Phase 1 work, the following next steps are recommended:

1. Confirm Staffing Availability. Confirm the availability of all proposed team members, particularly Amy Chesterton and Nathan Ikeda, who will carry the heaviest workloads over the projected engagement period. Coordinate with the Bankruptcy & Restructuring practice group leader to ensure that Amy and Nathan are substantially dedicated to this matter and that their other commitments are appropriately managed. Any sta

2. Supplemental Engagement Letter for Tax Advisory Scope. Coordinate with Sylvia Hartwell on the preparation and execution of the supplemental engagement letter covering the scope of tax advisory services. The target execution date is November 5, 2022. The supplemental letter should clearly delineate the scope of tax